Bitcoin.com Co-Founder Emil Oldenburg sold all of his Bitcoin and bought Bitcoin Cash, citing concerns about the current state of Bitcoin and its future as reasons behind his move.
Other prominent personalities in the cryptocurrency scene also share the same view as Oldenburg when it comes to the potential of Bitcoin Cash. These personalities include Craig Wright, Roger Ver, and Calvin Ayre.
Top Bitcoin Supporters Jump Ship to Bitcoin Cash
Bitcoin.com recently switched its focus to developing services for Bitcoin Cash instead of Bitcoin. One of the reasons for this is that Bitcoin Cash provides a solution for every issue of Bitcoin.
The transaction fee for Bitcoin Cash is less than a dollar. Bitfinex, one of the largest crypto exchange sites, sets the transaction fee of Bitcoin Cash to 0.0001 BCH, which is around 24 cents at the time of writing. There is also no lead time for Bitcoin Cash which makes transaction faster to confirm.
The advantage of Bitcoin Cash comes from its block size limit of 8mb instead of 1mb. Even if Bitcoin Cash requires large hard drives, Oldenburg said that this is not an issue to many.
Joining Oldenburg in advocating Bitcoin Cash are big names like Craig Wright. Wright is an Australian businessman who claimed that he was Satoshi Nakamoto, the creator of Bitcoin. He twitted that 2018 will be Bitcoin Cash year where it will make full use of its potential.
Other advocates of Bitcoin Cash are Roger Ver who is also the co-founder of Bitcoin.com and is known as Bitcoin Jesus for being an early Bitcoin investor. Ver has been the target of criticisms for his support of hard forks that relates to the evolving block size debate.
Ver and Calvin Ayre announced their plan on rebranding Bitcoin Cash as Bitcoin. They plan on investing a considerable amount as well as use their influence in the cryptocurrency community to achieve this goal.
Bitcoin Currently Faces Serious Problems
According to Oldenburg, one of the issues that make Bitcoin a risky investment is its transaction times, costs, and lead times. This is due to the rising value of the cryptocurrency that nearly brushed the $20,000 mark recently.
Bitcoin was once hailed for its fast transactions with low fees. A normal transaction currently takes an average of 4.5 hours to get confirmed. Transaction fees only cost 20 cents last year. Today, it can take more than $20 just to send a Bitcoin payment.
The risks surrounding Bitcoin is threatening the cryptocurrency’s liquidity. Issues with the transaction are making the Bitcoin network useless. This is due to Bitcoin’s block size of 1mb which limits the amount of transaction anyone can make per second. More, the rising numbers of investors who are buying into Bitcoin are contributing to the congestion of the network. The limitation of Bitcoin and its issues are making it unusable as a feasible payment method, even in the Bitcoin casino market.